9 Best South Dakota Mortgage Lenders of 2021
NerdWallet helps you make a smart decision when it comes to choosing a South Dakota mortgage lender best-suited to your needs.
Last updated on January 20, 2021
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Lead Assigning EditorFact Checked
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Written byÂ
Edited byÂ
Lead Assigning EditorFact Checked
Fact Checked
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With abundant natural beauty and a low cost of living — especially when it comes to housing— South Dakota is a great place to call home. Choosing the best mortgage lender when you buy or refinance a home can help you settle into the environment with peace of mind.
NerdWallet has researched the leading mortgage lenders in South Dakota and chosen the best in several high-demand borrowing categories.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
9 Best South Dakota Mortgage Lenders of 2021
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Lender â–¾ â–¾ | NerdWallet Rating â–¾ â–¾ | Min. credit score â–¾ â–¾ | Min. down payment â–¾ â–¾ | Learn more |
|---|---|---|---|---|
5.0 /5Home loans overall | 620 | 3% | Learn more at Guaranteed Rate | |
4.0 /5Home loans overall | 620 | 1% | Learn more at Rocket Mortgage, LLC | |
4.0 /5Home loans overall | 620 | 0% | Learn more at Veterans United | |
 Fairway Independent Mortgage: NMLS#2289 Learn more at Fairway Independent Mortgage | 3.0 /5Home loans overall | 620 | 3% | Learn more at Fairway Independent Mortgage |
4.0 /5Home loans overall | 620 | 3% | ||
4.0 /5Home loans overall | 620 | 5% | ||
4.0 /5Home loans overall | 620 | 3% | ||
4.5 /5Home loans overall | N/A | 0% | ||
3.5 /5Home loans overall | 620 | 5% |
Learn more
at Guaranteed Rate
Guaranteed Rate: NMLS#2611
5.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItGood for: borrowers seeking a broad menu of loans, including jumbo and interest-only options, renovation loans and government-backed mortgages, as well as home equity lines of credit.
Pros
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
Cons
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
Learn more
at Rocket Mortgage, LLC
Rocket Mortgage, LLC: NMLS#3030
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
1%
Why We Like ItGood for: FHA borrowers and others short on down payment cash, as well as home buyers who value convenience over low fees.
Pros
- Streamlined online process with document and asset retrieval capabilities, as well as the ability to edit your preapproval letter.
- Offers the option to work with loan officers by phone if desired.
- Largest FHA lender in the nation.
Cons
- Getting a customized interest rate requires a credit check, which can affect your credit score.
- Origination fees are on the high side compared with other lenders, according to the latest federal data.
- Doesn't offer home equity lines of credit.
Learn more
at Veterans United
Veterans United: NMLS#1907
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
0%
Why We Like ItGood for: veterans, active-duty service members and eligible reservists looking for VA loans.
Pros
- Offers 24/7 customer service over the phone.
- Offers a free credit counseling service.
- Mortgage rates are on the low side, according to the latest federal data.
Cons
- Parent company’s mortgage rates are on the higher side, according to the latest federal data.
- Does not offer second mortgage options like home equity loans or HELOCs.
Learn more
at Fairway Independent Mortgage
Fairway Independent Mortgage: NMLS#2289
3.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItGood for: borrowers looking for a low-down-payment mortgage, renovation loan, or a specialized mortgage geared to medical professionals.
Pros
- Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- Mortgage rates for different types of loans aren't posted online.
- Origination fees and mortgage rates are on the high side compared with other lenders, according to the latest federal data.
Wells Fargo: NMLS#399801
4.0
Home loans overall
NerdWallet ratingMin. credit score
620
Min. down payment
3%
Why We Like ItGood for: existing customers of the bank looking for a wide selection of mortgage products, as well as self-employed borrowers and home buyers without Social Security numbers.
Pros
- Sample rates clearly posted for various loan products.
- Offers a wide variety of loan types and products, including options for borrowers who work for themselves and those without Social Security numbers.
- Mortgage rates tend to be on the low side compared with other lenders, according to the latest federal data.
Cons
- Home loans business is broadly focused on bank customers.
- Doesn’t offer home improvement loans, or home equity loans or lines of credit.
- Scandals and government actions have damaged consumer trust in recent years.
Why We Like ItGood for: borrowers who are financing home improvement projects.
Pros
- Offers a range of loan types, including FHA loans, VA loans and home equity options.
- Lists sample mortgage rates and APRs for many of its products online, including a breakdown of estimated monthly payments.
- Their mobile app is highly rated in the App Store.
Cons
- Sample mortgage rates are not customizable, and many estimated conventional and jumbo rates assume a down payment of at least 25%.
- We were unable to contact a representative by phone.
- Lender site does not have a live chat feature.
Why We Like ItGood for: veterans, active-duty service members and eligible reservists who are looking for VA loans and prefer to manage their mortgage online.
Pros
- VA loans are the bulk of USAA's business, so its loan officers know the ins and outs of eligibility and the application process.
- Offers HomeReady loans, a conventional mortgage with flexible down payment options for low- and moderate- income buyers.
- Has a highly rated mobile app.
Cons
- Offers a limited selection of loans apart from VA, including no FHA or USDA loans.
- Doesn’t offer home equity loans or lines of credit.
- Only sample mortgage rate information is on the USAA website. For customized rates, you have to make contact.
Navy Federal: NMLS#399807
4.5
Home loans overall
NerdWallet ratingNational / regional
National
Min. down payment
0%
Why We Like ItGood for: Military borrowers who’ve exhausted their VA loan benefits and qualified government employees who want to compare mortgage options without down payments.
Pros
- Offers unique loan options aimed at military borrowers, such as a proprietary loan called Military Choice that works as an alternative to VA loans.
- 24/7 customer service supports borrowers stationed overseas.
- Offers home equity loans and lines of credit.
Cons
- Borrowers must join the credit union before applying for a mortgage.
- The lender does not offer renovation or construction loans.
- When we tried their customer service line, we sometimes waited longer than 10 minutes before being connected with a representative who could answer our questions.
Why We Like ItGood for: borrowers who are comfortable with an entirely online experience, and who want a one-stop shop for buying and selling.
Pros
- Offers a variety of repayment terms.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
Cons
- No sample interest rates are provided.
- Origination fees are on the higher end, according to the latest federal data.
- Lender’s website does not have a live chat feature.
More from NerdWallet
Last updated on January 20, 2021
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.
